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Released May 06, 2024 | SUGAR LAND
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Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--A group of upstream services firms, led by SLB (NYSE:SLB) (Houston, Texas), said it signed long-term agreements to help develop prospective reserves in the Barents Sea and in the Atlantic waters off Canada.
SLB, formerly Schlumberger, said it signed a long-term collaboration agreement with Norwegian energy company Equinor (NYSE:EQNR) (Stavanger, Norway) and the Subsea Integration Alliance, a group made up of counterparts OneSubsea and Subsea 7, for work off Norway and Canada.
Work in Norway would target the Wisting Field, located in the Hoop area of the Barents Sea. Discovered in 2013 by Austrian energy company OMV, the field is estimated to hold around 500 million barrels of oil equivalent reserves.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for a list of detailed reports for Equinor's projects in the Wisting Field.
Canadian operations will be focused on the Bay du Nord project, which consists of several basins located in the Flemish Pass reserve off Newfoundland and Labrador. The reserve estimate there is comparable to Wisting. Subscribers can learn more about Bay du Nord from a detailed project report.
"Equinor is working hard to improve and mature the Wisting and Bay du Nord projects," said Trond Bokn, a senior vice president for project development at Equinor. "Selecting the supplier at this early stage is a new way of approaching project development for us, and a vote of confidence to Subsea Integration Alliance."
For Equinor, the agreements mark something of a dusting-off for the company, as both projects were mothballed in recent years. Project developers had pointed to the high costs associated with inflation, as well as changing market conditions, in deciding to postpone development.
"The agreement paves the way for collaboration to begin immediately on early, joint concept studies for two major projects," the upstream consortium added. "Under the same agreement, any resulting EPCI (engineering, procurement, construction and installation) execution would be directly awarded to the alliance, if a final investment decision (FID) is made."
Equinor drilled an exploration well in Wisting last month. Much of what's left in the region is thought to be situated in the Barents Sea.
The Norwegian energy company produced about 2.1 million barrels of oil equivalent per day (BOE/d) on average during the first quarter, a 1.5% increase from year-ago levels. Much of the growth came from increased capacity at the giant Johan Sverdrup oil field in the North Sea.
Revenues, however, were lower year-over-year, due largely to the steady decline in natural gas prices. An easing Ukrainian war premium, a market that's adjusted to sanctions on Russian supplies and a warmer-than-average winter heating season has pulled on natural gas prices.
The Dutch Title Transfer Facility, a European benchmark for the price of natural gas, is down around 4% on the year.
For Canada, the development is testament to its changing energy landscape. While not yet at its peak capacity, flows began this week through the expansion of the Trans Mountain Corporation (TMC) (Calgary, Alberta) crude oil pipeline, which will help Canada break out of North American deadlock via exports from British Columbia.
Industrial Info is tracking 35 active projects that are tied to the Trans Mountain expansion. Subscribers can click here for a list of detailed project reports.
Now the largest crude oil exporter to the U.S., Canada will be able to tap the emerging economies of Asia with Trans Mountain exports. Off the nation's eastern coast, meanwhile, Canadian energy company Cenovus Energy Incorporated (NYSE:CVE) (Calgary) expects to see an additional 45,000 barrels per day (BBL/d) from its West White Rose project, offshore Newfoundland and Labrador, over the coming five years, reaching a daily peak of 80,000 BBL/d by 2029. Subscribers can learn more from a detailed project report.
The provincial government of Newfoundland and Labrador estimated 6.2 million barrels of oil were pulled from its waters in February, the last full month for which data were available. That marks a 5.8% increase from February 2023.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
SLB, formerly Schlumberger, said it signed a long-term collaboration agreement with Norwegian energy company Equinor (NYSE:EQNR) (Stavanger, Norway) and the Subsea Integration Alliance, a group made up of counterparts OneSubsea and Subsea 7, for work off Norway and Canada.
Work in Norway would target the Wisting Field, located in the Hoop area of the Barents Sea. Discovered in 2013 by Austrian energy company OMV, the field is estimated to hold around 500 million barrels of oil equivalent reserves.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for a list of detailed reports for Equinor's projects in the Wisting Field.
Canadian operations will be focused on the Bay du Nord project, which consists of several basins located in the Flemish Pass reserve off Newfoundland and Labrador. The reserve estimate there is comparable to Wisting. Subscribers can learn more about Bay du Nord from a detailed project report.
"Equinor is working hard to improve and mature the Wisting and Bay du Nord projects," said Trond Bokn, a senior vice president for project development at Equinor. "Selecting the supplier at this early stage is a new way of approaching project development for us, and a vote of confidence to Subsea Integration Alliance."
For Equinor, the agreements mark something of a dusting-off for the company, as both projects were mothballed in recent years. Project developers had pointed to the high costs associated with inflation, as well as changing market conditions, in deciding to postpone development.
"The agreement paves the way for collaboration to begin immediately on early, joint concept studies for two major projects," the upstream consortium added. "Under the same agreement, any resulting EPCI (engineering, procurement, construction and installation) execution would be directly awarded to the alliance, if a final investment decision (FID) is made."
Equinor drilled an exploration well in Wisting last month. Much of what's left in the region is thought to be situated in the Barents Sea.
The Norwegian energy company produced about 2.1 million barrels of oil equivalent per day (BOE/d) on average during the first quarter, a 1.5% increase from year-ago levels. Much of the growth came from increased capacity at the giant Johan Sverdrup oil field in the North Sea.
Revenues, however, were lower year-over-year, due largely to the steady decline in natural gas prices. An easing Ukrainian war premium, a market that's adjusted to sanctions on Russian supplies and a warmer-than-average winter heating season has pulled on natural gas prices.
The Dutch Title Transfer Facility, a European benchmark for the price of natural gas, is down around 4% on the year.
For Canada, the development is testament to its changing energy landscape. While not yet at its peak capacity, flows began this week through the expansion of the Trans Mountain Corporation (TMC) (Calgary, Alberta) crude oil pipeline, which will help Canada break out of North American deadlock via exports from British Columbia.
Industrial Info is tracking 35 active projects that are tied to the Trans Mountain expansion. Subscribers can click here for a list of detailed project reports.
Now the largest crude oil exporter to the U.S., Canada will be able to tap the emerging economies of Asia with Trans Mountain exports. Off the nation's eastern coast, meanwhile, Canadian energy company Cenovus Energy Incorporated (NYSE:CVE) (Calgary) expects to see an additional 45,000 barrels per day (BBL/d) from its West White Rose project, offshore Newfoundland and Labrador, over the coming five years, reaching a daily peak of 80,000 BBL/d by 2029. Subscribers can learn more from a detailed project report.
The provincial government of Newfoundland and Labrador estimated 6.2 million barrels of oil were pulled from its waters in February, the last full month for which data were available. That marks a 5.8% increase from February 2023.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
